FSA bans three UK directors
The UK Financial Services Authority (FSA) has banned three directors of London brokerage BPS Insure for misusing client funds.
The FSA says CEO Robert James and directors Stuart Lawton and Paul Adams failed to disclose to the regulator a £3 million ($6.5 million) deficit in the firm’s client account.
They were also accused of using client money to pay general expenses, which exacerbated the deficit.
The regulator banned the three men from performing regulated financial services functions.
FSA Head of Retail Enforcement Jonathan Phelan says the directors acted “recklessly and without integrity” and undermined consumer confidence in the insurance sector.
The FSA says CEO Robert James and directors Stuart Lawton and Paul Adams failed to disclose to the regulator a £3 million ($6.5 million) deficit in the firm’s client account.
They were also accused of using client money to pay general expenses, which exacerbated the deficit.
The regulator banned the three men from performing regulated financial services functions.
FSA Head of Retail Enforcement Jonathan Phelan says the directors acted “recklessly and without integrity” and undermined consumer confidence in the insurance sector.